Tokyo gains on back of Wall Street rally
By FT Correspondents
Published: March 3 2002 21:05 | Last Updated: March 4 2002 01:09
news.ft.com
Japanese shares took off on Monday morning on the back of a Wall Street rally on Friday that saw the Dow reach a six-month high.
The benchmark Nikkei 225 added 134.01, or 1.2 per cent, to 10,946.01. Earlier in the session, the average got past the 11,000 support level for the first time since early December. The Topix index of all the shares on the first section of the Tokyo Stock Exchange was up 23.24, or 2.26 per cent, to 1,053.41. The Nikkei 300 added 2.45, or 1.2 per cent, to 205.52.
A broad range of stocks saw gains.
Nissan Motor gained 3.3 per cent. Among tech shares, Advantest, the maker of chip-testing devices, added almost 4 per cent. Tokyo Electron was up 3.1 per cent.
In economic news this week, investors will be waiting for GDP figures for the October to December quarter on Friday. The data are expected to show a third consecutive quarter of economic contraction.
Wholesales prices, bank lending and money supply numbers, which are out on the same day, will also be watched closely.
Japan's stock market has been making gains after the government announced stricter rules on short-selling early last week, but traders said it was unlikely the run would be sustained after the end of the fiscal year on March 31. |
